【Today's Headlines】
Guangdong: Organizing the &#34;Robot +&#34; Action
The General Office of the People's Government of Guangdong Province issued the &#34;Several Policy Measures to Promote the Innovative Development of Artificial Intelligence and the Robot Industry.&#34; It mentions the creation of application scenarios. Establish a provincial-level cross-departmental coordination mechanism, enforce the responsibility of &#34;managing the industry and managing the application of artificial intelligence,&#34; and implement the &#34;Artificial Intelligence +&#34; action, widely expanding applications in education, healthcare, transportation, civil affairs, finance, security, and other fields. Organize the &#34;Robot +&#34; action, focusing on industrial, agricultural, urban management, medical, elderly care services, special operations, and other fields, to deeply explore open application scenarios. Encourage local cities to explore and open various application scenarios, attracting enterprises to create a number of typical cases.
The &#34;Measures&#34; cover 12 sub-areas including technological breakthroughs, enterprise cultivation, application scenarios, industrial agglomeration, key projects, data elements, open-source ecology, talent, investment and financing, system construction, communication platforms, and regulatory mechanisms.
【Market Outlook】
Nasdaq Plummets 4%, Tesla (TSLA.US) Drops 15.43%
Overnight, the Dow Jones Industrial Average fell by 890.01 points, a decrease of 2.08%, closing at 41,911.71 points; the Nasdaq dropped by 727.90 points, a decline of 4.00%, closing at 17,468.32 points; the S&amp;P 500 index fell by 155.62 points, a decrease of 2.70%, closing at 5,614.58 points. Tesla (TSLA.US) dropped 15.43%, NVIDIA (NVDA.US) fell 5.07%, Apple (AAPL.US) decreased 4.85%, and Meta Platforms (META.US) dropped 4.42%.
The Hang Seng Index ADR fell, closing at 23,329.97, down 453.52 points or 1.91% compared to the Hong Kong closing.
CICC's latest research report points out that the long-term pricing of Hong Kong stocks depends on profit prospects. If profits are realized, related stocks may even see a situation where the stock price rises while the valuation decreases. Overall, institutional personnel indicate that in the short term, there is a risk of volatility and correction for some Hong Kong stocks that have risen significantly earlier. However, in the medium to long term, the logic of re-evaluating Chinese technology assets has not changed, and they remain optimistic about the unfolding of value re-evaluation trends.
【Hot Topics Ahead】
ByteDance's Doubao Large Model Team Announces! Key Technology Breakthroughs Save 40% in Training Costs
On March 10, ByteDance's Doubao large model team announced the open-source of a key optimization technology for the MoE architecture, which can improve the training efficiency of large models by 1.7 times and save 40% in costs. It is reported that this technology has been practically applied in ByteDance's Wanka cluster training, cumulatively helping to save millions of GPU hours of training computing power.
February Excavator Domestic Sales Doubled Year-on-Year, Upstream Supporting Manufacturers' March Production Better Than Last Year
In February this year, excavator sales reached 19,270 units, a year-on-year increase of 52.8%, with domestic sales of 11,640 units, nearly doubling year-on-year. Regarding the production situation of medium and large excavator hydraulic valves and oil cylinders in March, Hengli Hydraulic reported to reporters that production has indeed increased year-on-year, but did not disclose the specific extent. Another main engine manufacturer stated that due to the Spring Festival factor in February last year, the base was relatively low, resulting in a rapid growth rate of domestic excavator sales in February this year
The export of second-hand construction machinery has increased, which has also stimulated the demand for new machine purchases domestically this year. Currently, the commencement rate of infrastructure projects has risen, and it is expected that the sales peak season from March to May will continue the growth trend in domestic sales.
Hong Kong Stock Exchange: New addition of Thailand Stock Exchange as a recognized securities exchange
According to Zhitong Finance APP, on March 10, the Hong Kong Stock Exchange's wholly-owned subsidiary, Hong Kong Stock Exchange, announced the addition of the Thailand Stock Exchange as a recognized securities exchange. This means that companies primarily listed on the Thailand Stock Exchange can apply for a secondary listing in Hong Kong. Other recognized securities exchanges in Southeast Asia include the Indonesia Stock Exchange and the Singapore Exchange. With the inclusion of the Thailand Stock Exchange, the list of recognized securities exchanges by the Hong Kong Stock Exchange now includes 20 overseas securities exchanges across 18 countries worldwide.
Renrui Talent (06919) plans to sell 46% equity in Shanghai Simson Information Technology for 321 million yuan
Zhitong Finance APP news, Renrui Talent (06919) announced that on March 10, 2025, the seller Shanghai Ruiying Talent Technology Group Co., Ltd. (a wholly-owned subsidiary of the company) and the buyer Neusoft Group Co., Ltd. signed a supplementary agreement containing the final price and other terms and conditions for the asset acquisition agreement, which constitutes a formal agreement. According to the formal agreement and subject to its terms and conditions, the seller agrees to sell and the buyer agrees to purchase 46.0% equity (target equity) held by the seller in the target company Shanghai Simson Information Technology Co., Ltd. for a total price of 321 million yuan.
Domestic cobalt prices soar, cost pressure on 3C batteries and ternary batteries surges
As of March 10, the average domestic cobalt price reached 223,000 yuan/ton, an increase of 40.25% from the low point on February 24. This fluctuation in cobalt prices is closely related to the Democratic Republic of the Congo's adjustment of export policies and has a significant impact on domestic lithium cobalt oxide, cobalt sulfate, battery recycling, and other sub-sectors, as well as the operational aspects of related listed companies. It is estimated that for every 60% increase in cobalt prices, the theoretical cost of a single ternary power battery for new energy vehicles will increase by about 1,000 yuan. The cobalt price is related to Hong Kong-listed Luoyang Molybdenum Co., Ltd. (03993).
Cathay Pacific (00293) recruits talent in mainland China, airlines have launched large-scale social recruitment
During the past weekend, Cathay Pacific's personnel director, Huang Weitong, personally came to Shanghai to participate in the company's first large-scale recruitment experience day for flight crew in mainland China this year, accompanied by several pilots and cabin crew from the company, who introduced future career development directions to applicants through lectures.
Cathay Pacific's CEO, Lin Shaobo, revealed that the company plans to reach a cabin crew number of 10,000 by 2025, with 1,000 to 2,000 of them being from mainland China, making the number of mainland cabin crew second only to that of Hong Kong cabin crew. Not only Cathay Pacific, but also other airlines have started large-scale social recruitment following the recovery of flights after the pandemic, especially for frontline cabin crew and flight personnel. For example, China Eastern Airlines recently issued a preliminary notice for the spring social recruitment of cabin crew for 2025, which will organize social recruitment from March 12 to 14; Air China’s cabin crew recruitment registration just closed on March 9; recruitment notices have also been issued by China United Airlines, Changlong Airlines, Xiamen Airlines, Hong Kong Airlines, and others
百望股份 (06657) plans to implement full circulation of H shares
According to Zhitong Finance APP, 百望股份 (06657) announced that the company submitted an application to the China Securities Regulatory Commission on March 10, 2025, to convert 135 million domestic unlisted shares (domestic shares) with a par value of RMB 1.00 each into H shares with a par value of RMB 1.00 each listed on the Main Board of the Stock Exchange. After obtaining all relevant approvals (including the filing and/or approval from the China Securities Regulatory Commission and the Stock Exchange) and complying with all applicable laws, regulations, and rules, the domestic shares will be converted into H shares, and the company will apply to the Stock Exchange for approval for the listing and trading of these H shares on the Main Board. According to the company's articles of association, no further shareholders' meeting is required to approve the conversion and listing.
零跑汽车 (09863) releases annual performance: revenue of RMB 32.164 billion, a year-on-year increase of 92.06%
According to Zhitong Finance APP, 零跑汽车 (09863) released its annual performance for the year ending December 31, 2024, reporting revenue of RMB 32.164 billion, an increase of 92.06% year-on-year; the loss attributable to equity holders of the company for the year was RMB 2.821 billion, a decrease of 33.1% year-on-year; loss per share was RMB 2.11.
GGII: Global shipments of lithium batteries for embodied intelligent robots expected to have a compound growth rate of over 100% from 2025 to 2030
According to Zhitong Finance APP, with the large-scale commercialization of embodied robots, there will be a huge demand for lithium batteries. Referring to Tesla's (TSLA.US) Optimus unit's battery capacity, if each embodied intelligent robot is equipped with an average of 2 kWh battery capacity, GGII estimates that global shipments of lithium batteries for embodied intelligent robots will reach 2.2 GWh in 2025, and demand will exceed 100 GWh by 2030, with a compound growth rate of over 100% from 2025 to 2030.
Baidu launches &#34;Yuexia&#34; App, making its fourth attempt at AI social networking
Baidu recently launched the emotional companionship App &#34;Yuexia&#34; quietly, focusing on two core functions: high-freedom AI dialogue and immersive script interaction. This product attempts to open a new track in the pan-entertainment social field by building a virtual character ecosystem. Unlike previous AI social products launched by Baidu, this new AI social product not only features Baidu's self-developed Wenxin Yiyan large model but also integrates three major external large models: DeepSeek, Doubao, and MiniMax abab, creating a &#34;four-core driven&#34; AI social engine.
九毛九 (09922) issues profit warning, expects shareholder profit for 2024 to drop to no less than RMB 50 million
According to Zhitong Finance APP, 九毛九 (09922) announced that it expects the group to achieve revenue of approximately RMB 6.073 billion for the year ending December 31, 2024, compared to RMB 5.9859 billion for the year ending December 31, 2023; and for the 2024 fiscal year, the profit attributable to equity shareholders of the company is expected to be no less than RMB 50 million, compared to RMB 453.5 million for the 2023 fiscal year
Kelong Botai Biotech-B (06990) Global First TROP2 ADC Drug for Lung Cancer Treatment Approved
On March 10, Kelong Botai's antibody-drug conjugate targeting human trophoblast cell surface antigen 2, Lukan Satuzumab, received approval from the National Medical Products Administration for its second indication, used for the treatment of adult patients with locally advanced or metastatic non-squamous non-small cell lung cancer who have progressed after epidermal growth factor receptor tyrosine kinase inhibitors and platinum-based chemotherapy. This is also the world's first TROP2 ADC drug approved for lung cancer indications. Compared to current standard treatments, Lukan Satuzumab significantly extends overall survival benefits for such patients.
Muyuan Foods Reportedly Considering Second Listing in Hong Kong
Pork producer Muyuan Foods is reportedly considering a second listing in Hong Kong, which could help it raise at least $1 billion. According to insiders, the Chinese company is seeking to hire banks to prepare for a stock sale that could occur as early as this year. Insiders indicated that discussions are ongoing, and details including scale and timing may change.
China Biopharmaceutical (01177): World’s First JAK/ROCK Inhibitor “Rovadicitinib” Phase Ib/IIa Clinical Study Results Published in “Blood”
According to Zhitong Finance APP, China Biopharmaceutical (01177) announced that the Phase Ib/IIa clinical study results of its independently developed national Class 1 innovative drug “Rovadicitinib” for the treatment of chronic graft-versus-host disease (cGVHD) have been published in the top international hematology journal “Blood” (IF: 21.0).
【Stock Highlights】
China Qinfa (00866) Issues Earnings Upgrade, Expects After-Tax Profit for 2024 to Increase to No More Than 560 Million Yuan
According to Zhitong Finance APP, China Qinfa (00866) announced that the group expects to achieve an after-tax profit of no more than RMB 560 million for the year ending December 31, 2024, compared to an after-tax profit of approximately RMB 192 million for the year ending December 31, 2023.
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The General Office of the People's Government of Guangdong Province issued the "Several Policy Measures to Promote the Innovative Development of the Artificial Intelligence and Robotics Industry," aimed at promoting the "Robot +" initiative and expanding the application of artificial intelligence in fields such as education, healthcare, and transportation. At the same time, the Nasdaq fell 4%, Tesla dropped 15.43%, and the overall market performed poorly, with Hong Kong stocks also facing the risk of volatile adjustments, but the medium to long-term outlook remains optimistic about the value reassessment of Chinese technology assets

- The Guangdong government has launched the "Robot +" initiative to promote AI and robotics across various sectors, including education and healthcare.  
- In the U.S. stock market, the Nasdaq fell by 4%, with significant declines in major tech stocks like Tesla and Nvidia.  
- Additionally, the Hong Kong Stock Exchange has recognized the Thailand Stock Exchange, allowing companies listed there to apply for secondary listings in Hong Kong.

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Zhitong Hong Kong Stock Early Knowledge | Nasdaq Plummets 4% Guangdong Organizes "Robot +" Action